Ge Long Hui A P P·2025-12-29 08:48Core Viewpoint - The merger of major brokerages is creating new industry giants, with the combined entity of Guotai Junan and Haitong Securities expected to lead the market in terms of total assets and net assets [1] Group 1: Company Performance - Guotai Junan has shown steady growth in performance prior to the merger, while Haitong Securities faced short-term pressure due to overseas asset impairments [1] - The merged company is projected to have total assets exceeding 2.01 trillion yuan and net assets of 338.9 billion yuan by the end of Q3 2025, ranking first in the industry [1] Group 2: Revenue and Profit Growth - Revenue growth rates for the merged company are forecasted at 36.0%, 12.4%, and 11.4% for the years 2025 to 2027, respectively [1] - The net profit growth rates for the same period are expected to be 95.0%, -3.3%, and 12.1%, indicating strong core business profitability despite one-time impacts [1] Group 3: Valuation - Using a segment valuation method, the estimated reasonable total market value of the company is projected to be in the range of 340 billion to 543.3 billion yuan, corresponding to a stock price range of 19.30 to 30.82 yuan per share [1] - Considering the company's industry position, strategic planning, business advantages, and capital strength, it is rated as "outperforming the market" [1]